Part V Performance of Regulated Activities

Conduct of approved persons and others

69 Statement of policy.

(1)

F1Each regulator must prepare and issue a statement of its policy with respect to—

F2(a)

the imposition of penalties, suspensionsF3, conditions or limitations under section 66;

(b)

the amount of penalties under that section; F4...

(c)

the period for which suspensions or F5conditions under that section are to have effect.F6; and

(d)

the period for which approvals under section 59 are to have effect as a result of a limitation under section 66.

(2)

F7A regulator's policy in determining what the amount of a penalty should be F8, or what the period for which a suspension or restriction is to have effect should be, must include having regard to—

(a)

the seriousness of the misconduct in question in relation to the nature of the principle or requirement concerned;

(b)

the extent to which that misconduct was deliberate or reckless; and

(c)

whether F9the person against whom action is to be taken is an individual.

(3)

F10A regulator may at any time alter or replace a statement issued F11by it under this section.

(4)

If a statement issued under this section is altered or F12replaced by a regulator, the regulator must issue the altered or replacement statement.

(5)

F13A regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.

(6)

A statement issued under this section F14by a regulator must be published by F15the regulator in the way appearing to F15the regulator to be best calculated to bring it to the attention of the public.

(7)

The F16regulator may charge a reasonable fee for providing a person with a copy of the statement.

(8)

In exercising, or deciding whether to exercise, its power under section 66 in the case of any particular misconduct, F17a regulator must have regard to any statement of policy published F18by it under this section and in force at the time when the misconduct in question occurred.